Nasdaq Monthly Index Performance Commentary – May 2026

• Following its strongest month since October 2002, the Nasdaq-100 Index^® (NDX^®) ended May higher by 10.5%.
• AI optimism and a strong finish to Q1 2026 corporate earnings season continued to override the macro concerns. 88 out of 97 Nasdaq-100 companies representing 98% of the index by weight beat EPS expectations by an average of 12.6% with an index level growth rate of 45.5%.
• Nasdaq’s suite of indexes ended May with 90 out of 128 indexes tracked in our report posting gains and the average index up 4.7%.

Chart of the Month 
 

Source: Nasdaq Global Indexes, Factset. Data as of June 1, 2026.

Executive Summary

The markets have had to contend with top-down pressures from high energy prices leading to inflation concerns and the markets pricing out the scope of a rate cut by the Federal Reserve in the near term. These dynamics, in addition to a still resilient U.S. economy, have been expressed via higher Treasury 10-year yields as they hit 4.67% in mid-May, highest since January 2025.  

However, it is the ongoing expectations for the favorable impact from AI on revenue, earnings, and productivity, along with the focus on a strong Q1 2026 earnings season, which helped propel U.S. equities to new highs. 88 out of 97 companies (91% by count) representing 98% of the index weight that have reported have beaten EPS estimates. This is well above the average company hit rate of 83%. EPS growth has been 45% vs. an expected 22%. Notably, net income for Alphabet (GOOG & GOOGL) and Amazon (AMZN) were aided by increases in valuation in their stakes in Anthropic and Waymo.

Nasdaq Indexes May 2026 Performance Recap

Among the 128 indexes tracked in this report, 90 finished May in positive territory, while 38 ended with negative returns. The best-performing index was the Nasdaq CTA Cybersecurity™ Index (NQCYBR™), delivering a return of 31.9%. The worst performance was from the Nasdaq Sprott Nickel Miners™ Index (NSNIKL™) which declined 11% for the month. The average return across all 128 indexes for the month was 4.7%.

Nasdaq Featured Indexes 
 

Twelve out of fourteen Nasdaq Featured Indexes registered positive returns in May. Technology stocks (semiconductors in particular) had a strong month as the Nasdaq-100 Technology Sector™ Index (NDXT™) was up 19.7%, making it the top performer in the group while the Nasdaq-100 Low Volatility ™ Index (NDXLV™) was the bottom performer with a loss of 1.3%. Building on a strong rally that began at the end of March, the Nasdaq-100 Index^® (NDX^®) posted a return of 10.5% on generally receding tensions related to the US-Iran conflict (though with several stops and starts) and strong earnings results. Larger cap names outperformed on a relative basis vs. mega caps as the Nasdaq-100 Top 30™ Index (NDX30™) rose 11% vs. 7% for the Nasdaq-100 Mega™ Index (NDXMEGA™).  The Nasdaq-100 Equal Weighted™ Index (NDXE™) also outperformed mega caps climbing 8.8%. Overall, this group of indexes rose by an average of 9.7%.

Nasdaq Global Indexes 
 

Performance across the Nasdaq Global Indexes suite was strong as all nine indexes in the group posted positive returns for May. The best performer in the group was the Nasdaq ASPA Ex-Japan™ Index (NQASPAXJP™) which gained 8.7%.  Europe and US mid-caps were the relative underperformers though they still posted positive returns with the Nasdaq Europe™ Index (NQEU™) gaining 1.9% and the Nasdaq US Mid Cap™ Index (NQUSM™) rising by 2.7%. The Nasdaq Developed Markets Ex United States™ Index (NQDMXUS™) was up 4.9%.  The Nasdaq Emerging Markets™ Index (NQEM™) climbed 4.6%. The Nasdaq Global™ Index (NQGI™) had a return of 4.8%. The average return for this group of indexes was 4.6%.

Nasdaq Sector-Specific Indexes 
 

Two out of the six indexes within Nasdaq’s sector-specific indexes suite were positive.  The KBW Premium Equity Yield™ Index (KYX™) was the top performer, gaining 4.8%. The bottom performer was the KBW Financial Sector Dividend Yield™ Index (KDX™) which lost 5.9% in May. Precious metals rallied with the PHLX Gold/Silver Sector™ Index (XAU™) rising 4%.  The average return for the group was -0.3%.

Nasdaq Thematic Indexes 
 

Overall performance across the Nasdaq Thematic Tech lineup was strongly positive with 21 out of the 26 indexes in the suite recording gains with an average gain of 12.5%. Software companies with a particular focus on cybersecurity performed very well as the Nasdaq CTA Cyber Security™ Index (NQCYBR™) rose 31.9% making it the top performer in the group. Performance in semiconductors was also very strong as the Nasdaq US Smart Semiconductor™ Index (NQSSSE™) jumped by 21.6% and the PHLX Semiconductor™ Index (SOX™) was higher by 22.1% to reach a new all-time high.  The 2-month increase of 69.1% was the largest 2-month gain since January 1994.  Relatedly, the AI trade was strong with the Nasdaq CTA Artificial Intelligence™ Index (NQINTL™) rising 21.2%. The Nasdaq CTA Global Video Games Software™ Index (PLAYR2™) was down 4.8% making it the worst performer in the suite. 
 

Eight out of the sixteen indexes in the Nasdaq Thematic Renewables and Energy Transition Materials suite posted gains this month, with an average return of 0.8%. The Nasdaq Clean Edge Green Energy™ Index (CELS™) was the top performer in the group with a 13.1% return.  A continued focus on clean energy and smart grid infrastructure drove the Nasdaq Global Electrification and Smart Grid™ Index (NQGETS™) higher by 9.8%.  Performance of metals stocks was mixed as copper and silver miners saw price gains, but nickel was down. The Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJ™) had a return of 9.4% and the Nasdaq Junior Silver Miners™ Index (NMFSM™) was up 5.7%.  The Nasdaq Sprott Nickel Miners™ Index (NSNIKL™) was the bottom performer, losing 11%. 
 

The rally in digital assets took a breather as all four of the indexes in the Nasdaq Crypto were down for the month, posting an average loss of 5.9%. The Nasdaq Bitcoin Settlement Price™ Index (NQBTCS™) was the top performer, losing 3.8%.   The lowest returning index was the Nasdaq Ether Settlement Price™ Index (NQETHS™) which was down 10.8%.

Nasdaq Quantitative Indexes

Across the index suites comprising Nasdaq’s quantitative offerings, 38 out of 53 indexes posted gains in May, averaging a 2% return. 
 

Eight out of the nine indexes in the Nasdaq Options & Other Quantitative suite saw gains with an average return of 3.6%.  The Nasdaq-100 Trendpilot™ Index (NDXTRND™) was the best performing index, gaining 10.5%.  The Credit Suisse Nasdaq WTI Crude Oil FLOWS106 TR™ Index (QUSOITR™) was the bottom performer with a return of -4.5% on oil price declines related to the U.S./Iran conflict. 
 

Eight out of the thirteen Nasdaq Multifactor indexes were positive this month with an average return of 1.2%. 
 

Within the Dorsey Wright momentum suite, the Dorsey Wright Technology Tech Leaders™ Index (DWTY™) was the best performer, up 15.9%. The Dorsey Wright Energy Tech Leaders™ Index (DWEN™) was the bottom performer, losing 6.7%. Overall, twelve out of the sixteen indexes in the suite were positive with an average gain of 2.7%. 
 

Ten out of the fifteen indexes in the Nasdaq Dividend and Income suite posted gains this month, with an average return of 1%. The Nasdaq Technology Dividend™ Index (NQ96DIVUS™) topped the group with a gain of 14%. The lowest performer in the group was the Nasdaq US SMID Cap Rising Dividend Achievers™ Index (NQDVSMR™) which was lost 2.6% for the month. 
 

Disclaimer:

Nasdaq^® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

Information set forth in this release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will,” “may”, and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to future activities and results. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com/ and the SEC’s website at http://www.sec.gov/. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

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